Rockville Financial lost money in the first quarter, results that were driven by a $5 million contribution the bank made to its charitable foundation.
The parent company of Rockville Bank, which recently completed its conversion to a fully public company, recorded a $1 million loss for the quarter ended March 31, compared to a $2.9 million profit in the year ago period.
The bank said the lower net income was primarily the result of a shareholder approved, one-time $5 million cash contribution to the Rockville Bank Foundation.
“Rockville Bank enjoys excellent asset quality and financial performance,” stated Rockville Bank President and Chief Executive Officer William H. W. Crawford IV. “We are proud of the contribution made to the Rockville Bank Foundation, Inc. and it is a testament to the success of our second-step offering. Our commitment remains to provide superior customer service while continually finding ways to increase shareholder value without undue risks.”
